. >> the global linkages are important in terms of prospects for u.s. growth. if you look over the medium term, where would you see a plausible scenario to generate the demand for the growth that we hope the u.s. is able to achieve? we are not eager to go back to the very high household consumption levels that were unsustainable given the challenges in europe not so clear where that growth might come from. -- europe. not so clear where that growth might come from. >> it is true that global growth has been slower. for a variety of reasons. one is the european situation. much of europe is in recession, following the difficult financial problems that have had. some emerging market economies have slowed. the slowdown in china was the least partly a policy goal to try to create a more sustainable and stable growth path and to try to shift the sources of demand in china from foreign buyers, exports to domestic demand. a variety of things have happened to slow overall growth. we saw in the u.s., we suffered week export numbers. for us, that is a loss of potential grow